10 things you need to know in markets today

Good morning! Here’s what you need to know in markets on Tuesday.

1. Prime Minister Theresa May told business leaders that they should treat a two-year transition period after Brexit as assured as she tries to ease company concerns that Britain could crash out of the EU without a deal, a source told Reuters. May met business chiefs from GlaxoSmithKline, Vodafone, HSBC, and other major companies on Monday to hear what they want from talks on Britain’s relationship with the EU after Brexit.

2. May has also set out detailed plans for the first time on how Britain would try to keep trade flowing if it fell out of the EU without a deal, the Financial Times reports, as the prime minister prepares for a high-stakes game of brinkmanship with Brussels. She told MPs that her conciliatory speech in Florence last month had introduced “a new dynamic” into Brexit talks, but added that the government had a duty to prepare for them failing.

3. Online lending business ID Finance plans to boost its borrowing over the next year to fund expansion in Latin America and the US. Cofounder and CEO Boris Batin told Business Insider at the LendIt Europe conference in London on Monday that ID Finance hopes to raise around $US100 million (£76.1 million) through a series of bond issuances over the next year.

4. US stocks fell overnight as investors mulled the latest political developments and gear up for corporate earnings reports, which pick up later this week. The S&P 500 lost 0.2%. Meanwhile, the Dow slid by 0.1% and the more tech-heavy Nasdaq slumped by 0.2%.

5. Asian shares gained on Tuesday, shrugging off modest losses on Wall Street while expectations of a US interest rate increase this year continued to underpin the dollar. Japan’s Nikkei is up by 0.55% at the time of writing (6.28 a.m. BST/1.28 a.m. ET), while the Hong Kong Hang Seng is up by 0.23%, and China’s Shanghai Composite is down 0.11%.

6. Bitcoin is closing in on its all-time high. Bitcoin is up 0.71% against the dollar to $US4,806.99 at the time of writing, not far off its all-time high of just above $US5,000.

7. Trade and manufacturing numbers are coming. The Office for National Statistics will release the latest manufacturing and industrial production growth figures at 9.30 a.m. BST (4.30 a.m. ET), alongside trade balance figures.

8. Kenneth Rogoff, the former chief economist of the International Monetary Fund, has weighed in on Bitcoin. “Is the cryptocurrency Bitcoin the biggest bubble in the world today, or a great investment bet on the cutting edge of new-age financial technology?” the professor of economics and public policy at Harvard asks in a column on Project-Syndicate titled “Crypto-Fool’s Gold?”

9. Unicorn startup MongoDB has taken another step toward its IPO by offering a price range for its shares. It plans to price shares between $US18 and $US20 apiece it said in an updated prospectus filed with the SEC. The IPO is generally expected to take place on October 19.

10. US movie theatre stocks are getting hammered after the poor performance of Blade Runner 2049. The movie was the best performing film on its opening weekend but pulled in much less than expected. The 35-year-later sequel to “Blade Runner” was expected to make between $US45 – $US55 million on its opening weekend but only grabbed $US31.5 million, according to Box Office Mojo.

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